Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach
There is a continuous increase in health costs, thereby increasing pressure on individuals and consequently making the amounts claimed by the insured to be on the increase. In this study, data was collected from a large local insurance company in Zimbabwe for the period from January 2012 to Decem...
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| Format: | Article |
| Language: | English |
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College of Natural and Applied Sciences, University of Dar es Salaam
2022
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| Online Access: | https://dx.doi.org/10.4314/tjs.v48i1.2 http://hdl.handle.net/11408/5083 |
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| _version_ | 1779905301827289088 |
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| author | Mashasha, Maxwell Mutize, Praise Mazunga, Felix |
| author_facet | Mashasha, Maxwell Mutize, Praise Mazunga, Felix |
| author_sort | Mashasha, Maxwell |
| collection | DSpace |
| description | There is a continuous increase in health costs, thereby increasing pressure on individuals and
consequently making the amounts claimed by the insured to be on the increase. In this study,
data was collected from a large local insurance company in Zimbabwe for the period from
January 2012 to December 2016. The aim of this study was to analyse the distribution and
future pattern of insurance health claim system using time series approach. Akaike information
criterion and Schwarz Bayesian criterion were used to select the adequate model through
maximum likelihood estimation methods. ARIMA (0, 0, 0) (1, 0, 1) [12] is the model that was
chosen to forecast claim amounts. The use of ARIMA models proves to be an excellent
instrument for predicting and capturing the cost trend of health claims which can help in
decision making to insurance companies |
| format | Article |
| id | ir-11408-5083 |
| institution | My University |
| language | English |
| publishDate | 2022 |
| publisher | College of Natural and Applied Sciences, University of Dar es Salaam |
| record_format | dspace |
| spelling | ir-11408-50832022-08-05T10:02:37Z Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach Mashasha, Maxwell Mutize, Praise Mazunga, Felix ARIMA Box-Jenkins; Health insurance time series There is a continuous increase in health costs, thereby increasing pressure on individuals and consequently making the amounts claimed by the insured to be on the increase. In this study, data was collected from a large local insurance company in Zimbabwe for the period from January 2012 to December 2016. The aim of this study was to analyse the distribution and future pattern of insurance health claim system using time series approach. Akaike information criterion and Schwarz Bayesian criterion were used to select the adequate model through maximum likelihood estimation methods. ARIMA (0, 0, 0) (1, 0, 1) [12] is the model that was chosen to forecast claim amounts. The use of ARIMA models proves to be an excellent instrument for predicting and capturing the cost trend of health claims which can help in decision making to insurance companies 2022-08-05T10:02:37Z 2022-08-05T10:02:37Z 2022-03 Article 2507-7961 0856-1761 https://dx.doi.org/10.4314/tjs.v48i1.2 http://hdl.handle.net/11408/5083 en Tanzania Journal of Science;Vol. 48 No. 1; Pages 13 - 21 open College of Natural and Applied Sciences, University of Dar es Salaam |
| spellingShingle | ARIMA Box-Jenkins; Health insurance time series Mashasha, Maxwell Mutize, Praise Mazunga, Felix Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach |
| title | Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach |
| title_full | Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach |
| title_fullStr | Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach |
| title_full_unstemmed | Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach |
| title_short | Distribution and Pattern of an Insurance Health Claim System: A Time Series Approach |
| title_sort | distribution and pattern of an insurance health claim system: a time series approach |
| topic | ARIMA Box-Jenkins; Health insurance time series |
| url | https://dx.doi.org/10.4314/tjs.v48i1.2 http://hdl.handle.net/11408/5083 |
| work_keys_str_mv | AT mashashamaxwell distributionandpatternofaninsurancehealthclaimsystematimeseriesapproach AT mutizepraise distributionandpatternofaninsurancehealthclaimsystematimeseriesapproach AT mazungafelix distributionandpatternofaninsurancehealthclaimsystematimeseriesapproach |